1211 W UNIVERSITY Drive, Tempe, AZ 85281

$1,070,600
Property Type: Multiple Dwellings Status: Closed
Current Price: $1,070,600 Last Modified: 2/10/2025

Overview

Description

Solid Cash Flow Tempe Apartment Building Generating $63,235 NOI - Ready for new owner. (Great 1031 Placement Option) Located within a mile of ASU, Mill Ave and Tempe Town Area. 4,405 sq ft of living space across 5 units. Wholefoods just opened and area is bustling with new retail and development. Property has consistently performed well and had major renovation in 2017. There is still room for ''value-add'' here to further increase rents to market – to increase cash flow and market value in this high growth area of Tempe. First floor has a large 3bd/2bth apartment and a 2br/1bth apartment (cost per unit is not a viable measurement here). Second floor, surrounding the sundeck are three 2bd/1bth apartments that are fully remodeled and work well for the property.

Listing Details MLS# 6002855

Location, Tax & Legal

Map Code/Grid
R36
House Number
1211
Compass
W
Street Name
UNIVERSITY
St Suffix
Drive
City/Town Code
Tempe
State/Province
AZ
Zip Code
85281
Zip4
3331
Country
US
County Code
Maricopa
Subdivision
WESTGATE SUB
Assessor Number
124-74-006-C
Tax Year
2019
Assessor's Map #
74
Legal Description (Abbrev)
LOT 6 WESTGATE SUB MCR 007925
Assessor's Parcel #
6
Assessor Parcel Ltr
C
Add'l Parcels
No
Tax Municipality
Tempe
Census Tract
318900
Taxes
2959.4
Tax District
Tempe
Legal
LOT 6 WESTGATE SUB MCR 007925
Marketing Name
Tempe Turnkey Apt

Contract Info

Ownership
Fee Simple

General Property Description

Lot Size Dimensions
74 x 104
Year Built
1971
Uncvrd Parking Spcs
8
Total # of Units
5
# of Buildings
Yes
Zoning
R-3
Elementary School District
Tempe Elementary School District

Remarks Misc

Cross Street
University Dr. & Beck

Status Change Info

Off Market Date
2020-01-10
Under Contract Date
2020-01-10
Close of Escrow Date
2020-02-28

Legal Info

Township
1N
Range
4E
Section
21
Lot Number
6

More Information

Income Expenses

Gross Annual Sch Inc
73731
Net Operating Income
63235

2 Bedroom Units

# 2 Bedroom Units
4
Avg Rent
1092
Avg SqFt
735
# Baths
Yes

3 Bedrooms Units

# 3 Bedroom Units
Yes
Avg Rent
1775
Avg SqFt
1500
# Baths
2

Sold Info

Loan Type
Conventional
Loan Years
30
Payment Type
Fixed
Closing Cost Split
Normal - N
Buyer Concession $/%
%
Seller Concession to Buyer
Yes
Seller Concession $/%
%
Buyer Concession to Seller
0

Project Type

5 - 12 Units
Yes

Construction

Wood Frame
Yes
Slump Block
Yes

Const - Finish

Painted
Yes
Stucco
Yes

Roofing

Composition
Yes

Floors

Vinyl
Yes

Sale Includes

Land & Building
Yes
Personal Property
Yes
Laundry Equipment
Yes

Income & Expenses

Annual Elec Exp
0
Annual Gas Exp
0
Annual Ins Exp
1527
Annual Land Lse Exp
0
Annual Landscape Exp
600
Annual Legal & Acctg
0
Annual Maint Exp
1075
Annual Mgmt Exp
600
Annual Trash Exp
0
Annual Wtr/Swr Exp
1680
Owner Association
No
Annual Ownr Asoc Fee
0
Annual PAD Fee
0
Annual Rplcmnt Rsrvs
0
Annual Other Expense
0
Operating Exp
8441.4
Other Income
0
Vacancy Allowance
0.01
Adjusted Gross Inc
72993.69
Total Monthly Rental Income
6144.29

Pmt & Rate Info

Cap Rate
5.5
Down Payment
0
Equity
1149727
Down Payment %
0
Monthly Payments
0
Total Owed
0
Assessment Balance
0

Showing Notification Methods

Text
Yes
Email
Yes
Phone Call
Yes

Lockbox Type

None
Yes

Community Features

No Pool
Yes

Heating

Heat Pump
Yes
Electric
Yes
Individual
Yes

Cooling

Ceiling Fan(s)
Yes
Electric
Yes
Heat Pump
Yes
Window/Wall Unit
Yes

Exterior Amenities

Desert Landscaping
Yes
Fenced
Yes
Cable TV Available
Yes
Sidewalk(s)
Yes
Patio/Balcony
Yes
Separate Storage
Yes
Security Light(s)
Yes

Interior Features

Unfurnished
Yes
Fire/Smoke Alarm(s)
Yes
Vertical Blinds
Yes
Mini Blinds
Yes
Drapes
Yes

Tenant Pays

Water
Yes
Sewer
Yes
Electricity
Yes
Trash Collection
Yes

Appliances Included

Dishwasher
Yes
Microwave
Yes
Refrigerator
Yes
Free-Standing Range
Yes
Washer/Dryer
Yes

Road Access Type

Alley
Yes
Dedicated Street
Yes

Source of Fincl Data

Owner
Yes

Water Source

City Franchise
Yes
Individual Meter
Yes

Sewer

Sewer - Public
Yes

Parking Features

Garage
Yes
Carport
Yes
>1 Space Per Unit
Yes
Add'l Parking Avail
Yes
Other
Yes

Electric

SRP
Yes
Individual Meter
Yes

Gas

None
Yes

Owner Pays

Water
Yes
Sewer
Yes
Trash Collection
Yes
Landscaping
Yes

New Financing

Conventional
Yes
1031 Exchange
Yes

Special

Owner/Agent
Yes

Existing 1st Loan

Private
Yes

Existing 1st Loan Type

Not Applicable
Yes

Existing 1st Loan Terms

Not Applicable
Yes

Existing 2nd Loan

Other (See Remarks)
Yes

Existing 2nd Loan Type

Not Applicable
Yes

Existing 2nd Loan Terms

Not Applicable
Yes

Existing 3rd Loan

Other (See Remarks)
Yes

Existing 3rd Loan Type

Not Applicable
Yes

Reports/Disclosures

None
Yes

Existing 3rd Loan Terms

Not Applicable
Yes

Environmental

None
Yes

Existing Othr Ln Trm

Not Applicable
Yes

Efficiency Units

Avg Rent
0

1 Bedroom Units

Avg Rent
0

4 Bedrooms Units

Avg Rent
0

Property Features

Project Type: 5 - 12 Units Construction: Wood Frame; Slump Block Const - Finish: Painted; Stucco Roofing: Composition Floors: Vinyl Sale Includes: Land & Building; Personal Property; Laundry Equipment Community Features: No Pool Exterior Amenities: Desert Landscaping; Fenced; Cable TV Available; Sidewalk(s); Patio/Balcony; Separate Storage; Security Light(s) Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds; Mini Blinds; Drapes Appliances Included: Free-Standing Range; Refrigerator; Dishwasher; Microwave; Washer/Dryer Heating: Individual; Heat Pump Cooling: Ceiling Fan(s); Electric; Heat Pump; Window/Wall Unit Water Source: City Franchise; Individual Meter Sewer: Sewer - Public Electric: SRP; Individual Meter Gas: None Parking Features: Garage; Carport; >1 Space Per Unit; Add'l Parking Avail; Other Road Access Type: Alley; Dedicated Street Owner Pays: Water; Trash Collection; Landscaping Tenant Pays: Water; Sewer; Electricity; Trash Collection Source of Fincl Data: Owner Special: Owner/Agent Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Private Existing 1st Loan Type: Not Applicable Existing 1st Loan Terms: Not Applicable Existing 2nd Loan: Other (See Remarks) Existing 2nd Loan Type: Not Applicable Existing 2nd Loan Terms: Not Applicable Existing 3rd Loan: Other (See Remarks) Existing 3rd Loan Type: Not Applicable Existing 3rd Loan Terms: Not Applicable Existing Othr Ln Trm: Not Applicable New Financing: Conventional; 1031 Exchange Environmental: None
IDX
Listing Office: Weichert Realtors - Upraise
Last Updated: February - 10 - 2025
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